Ross 2012 Annual Report Download - page 50

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48
Note F: Taxes on Earnings
The provision for income taxes consisted of the following:
($000) 2012 2011 2010
Current
Federal $ 485,882 $ 343,550 $ 329,723
State 31,227 30,702 30,478
517,109 374,252 360,201
Deferred
Federal (37,178) 25,383 (11,139)
State (1,850) (3,661) (6,838)
(39,028) 21,722 (17,977)
Total
$ 478,081 $ 395,974 $ 342,224
In fiscal 2012, 2011, and 2010, the Company realized tax benefits of $30.0 million, $19.0 million and $15.4 million, respectively,
related to employee equity programs that were credited to additional paid-in capital.
The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory
federal income tax rate. Differences are as follows:
2012 2011 2010
Federal income taxes at the statutory rate 35% 35% 35%
State income taxes (net of federal benefit) and other, net 3% 3% 3%
Total 38% 38% 38%